Identify # Of Customer and Other Confidential Records
Depending on the nature of your insured’s business, they may collect, store and share data for thousands of customers. Many prospective insureds won’t even know how many records they store! Getting a handle on the amount of records they store is a crucial step to managing your client’s risk.
Why is the quantity of records so crucial?
Costs to respond to a data breach are directly proportional to the amount of records that are compromised. Based on industry research and expert advice, data breach response costs are approximately $10 per record.
With a clear understanding of the number of records your client has stored on its network, servers, or individual computers, you can run estimates on the costs of breach response:
• # of records x $10 = estimated cost of responding to the breach
(This estimate does not include the costs that come from lawsuits, regulatory fines/penalties, or lost revenue due to their damaged reputation).